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August 23rd, 2013 
Peter Nolan
Posted
It has been a strong finish to the trading week on the Australian share market, with industrial, resources and retail stocks leading the gains.
The All Ordinaries Index has closed 48 points higher at 5,115 and the ASX 200 has added almost 1 per cent to 5,123.
Sims Metal has surged more than 8 per cent and Fortescue Metals has extended yesterday’s strong gains with a further rise of 4.5 per cent.
Rio Tinto’s gained 1.5 per cent and BHP Billiton has edged 0.75 per cent higher.
The gaming group, Crown has jumped 5.6 per cent after its full-year profit came in better than expected.
Crown’s net profit after tax fell by just under 23 per cent to $396 million last financial year.
It took a loss of nearly $70 million after selling its stake in rival, Echo Entertainment as it fought to enter Sydney’s casino market – a battle it eventually won.
Investors have also embraced Crown’s focus on cost-cutting measures.
The property group, Lend Lease has risen by 1.25 per cent after reporting an increase in its annual profit.
Lend Lease has made $551.6 million in the last financial year, which is a 10 per cent improvement on the previous 12 months.
And fellow property giant, Mirvac has gained 1.5 per cent, despite a substantial fall in its earnings.
Mirvac has made a net profit, after tax of $139.9 million, in the last financial year, which is 66 per cent lower than the previous year’s earnings.
The latest result was dragged down by more than $273 million in asset write-downs in Queensland and Western Australia.
At around 5:00pm the Australian dollar was buying 90.09 US cents, 67.5 Euro cents, 57.76 British pence, 89.16 Japanese yen and $1.15 in New Zealand.
At close of business West Texas Crude oil was worth $US104.90 a barrel, the price of a barrel Tapis has eased to $US116.71 and spot gold has eased to $US1,376 an ounce.
Topics:
markets,
business-economics-and-finance,
mining-industry,
currency,
oil-and-gas,
gold,
stockmarket,
australia
Source Article from http://www.abc.net.au/news/2013-08-23/trading-week-closes-with-gains-in-share-market/4909128
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